COMÉRCIO INTERNACIONAL E FINANÇAS - UMA ANÁLISE TEÓRICO- EMPÍRICA
Cláudio R. Lucinda
This paper aims to construct a thenoretical model illustrating one of the channels through the institutional characteristics of the financial system of a country translate itself into patterns of specialization. This model builds upon the contribution of Beck (2002) allowing different costs of state verification. After that, some empirical implications of the results are presented, and its validity is investigated with results already present on the literature. These results lend support to the main empirical hypotheses of this model: industrial sectors in which there are a greater degree of external dependence tend to present a higher trade balance as a share of the trade current (exports plus imports).
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